Dash sees dormant-coin reactivations, high whale concentration and record open interest

Beincrypto reports Dash is facing three underappreciated risks after long-dormant coins were reactivated in November 2025, top holders increased supply concentration, and derivatives open interest spiked. First, large reactivations of long-inactive DASH occurred in November 2025, with the Coin Days Destroyed (CDD) metric jumping as old supply re-entered circulation.

João Wedson noted that historically, large CDD surges have appeared near cycle tops, and the report cautions that distribution phases can last weeks or months, allowing large holders to exit positions quietly and apply downward pressure over time. Second, supply concentration has risen: the top 100 richest DASH wallets now control more than 41% of total supply, the highest level in over a decade according to Bitinfocharts, up from 15.5% at DASH’s December 2017 peak.

The report says such concentration can stabilise markets if holders stay put, but it also raises the risk that coordinated or uncoordinated selling could overwhelm order books and spill into derivatives markets. Third, open interest in DASH derivatives has climbed above $180 million — double November’s level and an all-time high — even as DASH trades at about half its November price near $150.

Key Topics

Crypto, Dash, Coin Days Destroyed, João Wedson, Bitinfocharts, Open Interest